Ex-teacher nabbed for P2-million estafa

National Bureau of Investigation (NBI) agents arrested a former teacher after she allegedly lured several of her colleagues into investing a total of more than P2 million on SM gift certificates.

In a statement released yesterday, NBI Director Nestor Mantaring said Marites Francisco, a former teacher of Malabon National High School, has been charged with syndicated estafa before the Manila prosecutor’s office. She is currently detained at the NBI jail.

A report from the NBI Special Action Unit (SAU), led by Head Agent Angelito Magno, stated that in 2005, Francisco invited her co-teachers Reynaldo Corvera and 11 others to join in an investment scheme selling SM gift certificates.

Francisco claimed she was connected with SM as a sales agent of the gift certificates. She said they would invest at a low price with a 10 percent monthly profit payable every 15th and 30th day of the month.

From December 2005 to April 2007, Francisco was able to pay investors, but stopped remitting the profits by May 2007 and declared she had no more money to pay them.

In November 2007, she took a leave of absence from her teaching job and never reported back.

A certification from the SM Shoemart Shopping Center management showed that Francisco is not in any way connected to them or their affiliates. She is not authorized to transact business for and in behalf of their firms.

Last April 17, Corvera was able to contact Francisco and demanded payment. Francisco said she had no money to pay him but offered again another investment scheme. Seizing the opportunity, Corvera coordinated with the NBI and planned an entrapment on May 5.

Corvera, with some of his fellow investors met Francisco at a Binondo shopping mall. NBI agents arrested Francisco when she received the marked money.